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Bangladesh among top remittance recipients.doc

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Bangladesh among top remittance recipients
Tribune Online Report
Bangladesh has retained its position among the top ten remittance receipient countries with $14
billion in remittances in 2013, said the World Bank’s latest issue of the Migration and
Development Brief, released on Friday.
According to the press release Bangladesh is 8th on the list while neighbouring India has secured
the top position in it with $70 billion in remittances.
The other countries are China ($60 billion), the Philipp

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Bangladesh among top remittance recipients
Tribune Online Report
Bangladesh has retained its position among the top ten remittance receipient countries with $14 billion in remittances in 2013, said the World Bank’s latest issue of the Migration and Development Brief, released on Friday.According to the press release Bangladesh is 8th on the list while neighbouring India has securedthe top position in it with $70 billion in remittances.The other countries are China ($60 billion), the Philippines ($25 billion), Mexico ($22 billion), Nigeria ($21 billion), Egypt ($17 billion), Pakistan ($15 billion), Vietnam ($11 billion) and Ukraine ($10 billion).It further read: “In terms of remittances as a share of GDP, the top recipients were Tajikistan (52%), Kyrgyz Republic (31%), Nepal and Moldova (both 25%), Samoa and Lesotho (both 23%), Armenia and Haiti (both 21%), Liberia (20%) and Kosovo (17%).”International migrants from developing countries are expected to send $436 billion in remittances to their home countries this year, despite more deportations from some host countries, says the report.“This year’s remittance ﬂows to developing countries will be an increase of 7.8% over the 2013 volume of $404 billion, rising to $516 billion in 2016, according to revised projections from the latest issue of the brief. Global remittances, including those to high-income countries, are estimated at $581 billion this year, from $542 billion in 2013, rising to $681 billion in 2016.”The brief notes that while the medium term outlook for remittances is strong, downside risks loom mainly from migrants’ return to their home countries as a result of conﬂict or deportation from hostcountries.Last year saw an intensiﬁcation of deportations, with more than 370,000 migrants sent back to their home countries from Saudi Arabia alone in the ﬁve months since November 2013.“Growth in remittances to the South Asia region has slowed, rising by a modest 2.3% to $111 billion in 2013, compared with an average annual increase of more than 13% during the previous three years. The slowdown was driven by a marginal increase in India of 1.7% in 2013, and a decline in Bangladesh of 2.4%. The depreciation of the Indian rupee during 2013 appears to have attracted inﬂows through a surge in the deposits of non-resident Indians rather than remittances.
In Bangladesh, the fall in remittances stems from a combination of factors, including fewer migrants ﬁnding jobs in the GCC countries, more migrants returning from GCC countries due to departures and deportations, and the appreciation of the Bangladeshi taka against the US dollar.
Still, some rebound is projected in the coming years, with remittances across the region forecast to grow to $136 billion in 2016.

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